The Real Deal New York

Aidan Brooks buys Louis Vuitton-anchored Soho package for $83M

Three Italian families had created a Luxembourg holding company for the buyer to acquire shares
By Mark Maurer | Twitter_logo_blue copy February 14, 2018 05:48PM

Aidan Brooks and Louis Vuitton stores at 116 Greene and 106 Prince (Credit: Google Maps)

A group of three Italian families have sold a Soho retail building and two retail condominiums for $82.5 million, sources told The Real Deal.

The buyer, Irish investor Aidan Brooks, did not acquire the properties outright, however. In an effort by the sellers to reduce their taxes on the transaction, Brooks bought shares in a Luxembourg holding company that owns the properties.

The deal for the five-story building at 106 Prince Street and neighboring retail condos at 102 Prince Street and 114-122 Greene Street closed Wednesday. Louis Vuitton occupies the retail at 106 Prince and 114-122 Greene, and luggage retailer Tumi leases 102 Prince. At 102 Prince, Louis Vuitton also leases the second floor of its offices and the upper floors house market-rate rental apartments. The package’s retail collectively spans about 21,600 square feet.

The families put the properties up for sale last summer, amid the retail market’s struggles in investment sales and leasing. The asking price was $80 million, and the deal ended up coming just above that.

CBRE’s Ned Midgley and Daniel Kaplan brokered the deal. The brokers declined to comment, and neither the buyer nor the sellers could be immediately reached.

Brooks, a London-based investor who runs Tribeca Holdings, has a low-key presence in New York despite investing in some prominent retail. His holdings include the Rhinelander Mansion at 867 Madison Avenue, home of Ralph Lauren Polo’s flagship, and 504 Broadway in Soho. In 2016, he was reportedly looking to sell those buildings, but did not.

Retail condo sales are gradually seeing a resurgence in the city. Ralph Sitt bought the Marquand’s retail from Vornado Realty Trust for nearly $85 million and Aby Rosen just picked up some of New York REIT’s remaining retail holdings for $31 million.